Are you going to outsource your medical billing services? Find out why this could be the best move for your business.
Outsourcing is a common practice when it comes to medical billing. Most doctors will at some point find themselves outsourcing their medical billing to an at-home specialist, a professional medical billing company, or a practice management company. Here are some of the reasons doctors choose to outsource their billing.
It saves time. Medical billing is an immense task. Outsourcing to a medical billing firm can take much of that burden off your shoulders. It will save you the time you need to concentrate on healing your patients.
It saves resources. If you're running a small practice, your staff may not be able to focus exclusively on billing-or have the necessary expertise. Practices that don't outsource often can't afford to have one employee focus on billing without giving attention to other clerical duties. A medical billing firm will have the knowledge and experience to take care of all the medical billing issues that arise with your practice, and free your staff to concentrate on other aspects of running the practice.
It reduces rejected claims. A great deal of rejected claims come back simply because of errors in coding. Hiring a medical billing firm to focus exclusively on billing can cut down on errors and save you revenue in rejected claims.
It provides added security. It's a well-known fact that most cases of fraud come from within a company. If you outsource your medical billing, you'll have an outside eye looking at your finances and providing checks and balances that you and your staff might not have the time or ability to provide. If there are inconsistencies in your finances, a medical billing company will have a good chance of spotting them.
You'll get your money faster. Most practices with limited resources can't designate multiple employees to concentrate on billing. This means it takes longer to submit claims, follow-up can be inconsistent, and your money comes in later than it could. With a medical billing firm, your claims will be submitted more quickly and follow-up will be more persistent-all adding up to more and quicker revenue for your practice.
It improves your business. Many doctors say that you don't just need an MD to be in private practice anymore-you also need an MBA. An experienced medical billing company doesn't just send out claims-it's also a valuable business partner. A good medical billing firm will provide you reports, often monthly, detailing the financial health of your practice, and can recommend ways to boost profitability as well.
It helps you negotiate with insurance carriers. Your medical billing company can give you the detailed information you need to successfully negotiate a contract with a malpractice insurance carrier. Knowing your costs and your utilization patterns will go a long way toward giving you the upper hand in insurance contract negotiations.